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Great Western Unveils Plans
To Cut 800 Jobs, Revamp Units

By

G. Christian Hill Staff Reporter of The Wall Street Journal

Updated Dec. 3, 1996 12:01 a.m. ET

Trying to achieve a major, one-time reduction in operating expenses, Great Western Financial Corp. disclosed a restructuring program that will trigger pretax charges totaling an estimated $115 million in the fourth quarter.

The giant thrift-holding company, based in Chatsworth, Calif., said it would take pretax charges of $65 million to $70 million to reduce its work force by 800 positions, consolidate its chain of mortgage-banking...